Home Sales Maintain Healthy Pace Despite Rates Rise

PORTLAND, ME – Rising interest rates failed to curb the healthy pace of home sales across Maine last month according to Maine Listings. Last month, Realtors reported 1,639 sales of single-family existing homes—an increase of 5.0% compared to October 2015.

Prices also continued to rise; the median home sale price (MSP) last month reached $192,500, a rise of 2.67%. The MSP indicates that half of the homes were sold for more and half sold for less.

The National Association of Realtors announced a 6.6% increase in the sale of single-family existing homes nationwide in October compared to the same month last year.

A national MSP of $233,700 reflects a 5.9% uptick in prices. Regionally, sales in the Northeast are up 1.4% from last year, and the regional MSP rose 2.9% to $255,500.